Introduction

Edition 32/21-22

Week – November 08th to November 12th

Quote for the week:

“If you get tired learn to rest, not to quit”   

  - Banksy

We welcome you to our weekly newsletter!

The ‘Swift e-Bulletin’ - weekly newsletter, covers all regulatory updates and critical judgements passed during the week. We hope that you liked our previous editions and found it to be of great value in its content. We want this newsletter to be valuable for you so, please share your feedback and suggestions to help us improve.

Further, various regulatory authorities have been proactive in bringing significant regulatory changes in recent challenging times. This week’s newsletter covers various Circulars/notifications issued by certain regulatory authorities such as the Ministry of Corporate Affairs (“MCA”), Securities and Exchange Board of India (“SEBI”), and critical judgements and orders passed by High Court and Supreme Court.

The Regulatory authorities provided various updates/relaxations, some of which being:

1. MCA initiates process for de flagging of eligible DINs
2. SEBI permits Foreign Portfolio Investors (“PFI”) to write - off debt securities
3. IFSCA issues clarity on minimum holding period on sale/transfer of loan assets

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of November 08, 2021 to November 12, 2021.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA UPDATES

1. MCA initiates process of de- flagging of eligible DINs vide Notice dated November 10, 2021

SEBI UPDATES

1. SEBI permits Foreign Portfolio Investors (“PFI”) to write - off debt securities vide Circular dated November 08, 2021
2. SEBI amends Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 vide Gazette Notification Dated November 09, 2021
3. SEBI amends provisions of Related Party Transactions (“RPT”) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 vide Gazette Notification dated November 09, 2021
4. SEBI amends provisions of Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 vide Gazette Notification dated November 09, 2021
5. SEBI amends provisions of Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 vide Gazette Notification dated November 09, 2021

IFSCA UPDATES

1. IFSCA issues clarity on minimum holding period on sale/transfer of loan assets vide Circular dated November 11, 2021
2. IFSCA amends and introduces various Handbooks on various topics vide Circulars Dated November 12, 2021

HIGH COURT

1. Delhi High Court held that as per the Agreement to Sell (ATS), the parties had agreed that the Sale Property is a ‘special property’ and damages would not be an adequate remedy

SUPREME COURT

1. National Company being aggrieved by the judgment and order passed by the Division Bench of the High Court of Judicature at Madras, approaches the Supreme Court